Idaho’s February unemployment rate remains at 3.3%
BOISE, Idaho (KIFI) - Idaho’s seasonally adjusted unemployment rate was 3.3% in February, unchanged from January.
The state’s labor force increased by 1,581 people (0.2%) to 969,471.
Idaho’s labor force participation rate — the percentage of people 16 years of age or older who are either employed or looking for work — remained at 62.6% between January and February.
Total employment increased by 1,446 (0.2%) to 937,072 as unemployment increased by 135 (0.4%) to 32,399.
Idaho’s nonfarm jobs increased by 4,000 to 862,100 in February. Industry sectors with the greatest over-the-month gains included durable goods manufacturing (2.8%);
natural resources (2.3%); transportation, warehousing, and utilities (1.8%); nondurable goods manufacturing (1.5%); wholesale trade (1.4%); private educational services (1.2%); federal government (0.7%); and arts, entertainment, and recreation (0.6%).
Industries that experienced job declines in February included real estate and rental and leasing (-0.8%), and finance and insurance (-0.7%).
Four of Idaho’s six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in February. Boise saw the largest increase with 0.6%, followed by Pocatello
(0.5%), Idaho Falls (0.4%) and Twin Falls (0.2%). Lewiston saw a decrease of 0.3% while Coeur d’Alene was unchanged.
Year over Year
Idaho’s 3.3% unemployment rate for February 2024 was up from 2.9% the prior year. The labor force was up 1.7%, an increase of 16,394 people.
The number of unemployed Idahoans increased 19% (5,183) while total employed was 1.2% (11,211) higher.
Total nonfarm jobs increased by 2.8% (23,100). Most major industry sectors gained jobs except other services (-3.2%), finance and insurance (-1.7%), information (-1.1%), and retail trade (-0.5%).
All of Idaho’s MSAs saw year-over-year nonfarm job gains in February. Coeur d’Alene had the greatest increase at 4.5%, followed by Lewiston (2.7%), Idaho Falls (2.6%),
Boise (2.5%), Pocatello (1.5%) and Twin Falls (1.4%).
National Comparisons
Nationally, the unemployment rate increased between January and February, up to 3.9% from 3.7%. The number of unemployed increased by 334,000 to 6.5 million. Total nonfarm payroll employment rose by 275,000 (0.2%) to 157.8 million.
